7 factors to consider before starting a business
If you are a student or doing the job but love to start your own business?
Here are the factors that I wish to knew before starting a business.
1. Amount of money that you have
Their is always relationship with money and business.
When it comes to the game of business money is like gems or like a health pack in your favorite game.
Because business is a mission, like in a game.
Sometimes your business can be successful, sometimes even not.
If your business fails, the amount of extra money that you have like a health pack that you have in a game.
Because you didn’t die, because you have money to survive if you fail.
Instead what is plan B, to survive if your business fails that means covering your basic needs.
If you have a problem with startup capital I highly suggest you start selling services online.
Because you didn’t need much money to start.
You can start your journey through Fiverr, It’s completely free if you have a computer and internet connection.
2. Knowledge about the industry that you in
Did you see the expert drivers who drift their cars?
Awesome!! They drift their cars because they know how to do it.
And more did you see animal caring people in the zoo feed and Severe snakes?
So how do they do it without dying?
Some of experience peoples dance their cobras with flute.
Because they have good knowledge in it.
As above when knowledge comes to business, your profit depends on the business knowledge that you have.
3. The time you can spend on business
Time is the most important thing when you begin your business.
Because if you start the business as a solo gamer every business operation needs to do your own.
On another side, there is a lot of operation to do at the beginning.
You need to handle your clients, need to do marketing as well as bookkeeping, lot more financial works to do alone.
That’s why time is important.
I remember when my father stat a new fruit shop everyday morning he goes to the market and need to buy fruits and then before 8.00 AM he needed to come again and open the shop.
Also at the end of the day he handover fruits to hotels and juice bars.
That’s why you need to consider the time that you have before starting.
If you have limited time because of your job then side business is best for you.
Also freelancing is greater for that type of person.
4. Ability to make sales
It’s no matter which business you are in, you need to care about your sales skills and also be able to communicate with others.
My cousin sister and her husband start a grocery shop after losing their job after this pandemic happen.
He works as a hotel kitchen helper before he starts a business.
Now they are going to close their newly started grocery store and start a new clothing store there.
But the problem is not on the product that they sell. The problem is with their sales skills.
Because when someone came to the store the never talk with them well.
5. The target market
So when starting a business consider who your target market is and how to reach them.
Think you are living in a place near the school.
I think starting a book shop in your place is better than starting a hardware shop.
Because their target market is school children.
Children are going around this area more than others.
When they go away see your store, colorful eye-catching products that hang on your store.
They want to make these products their own.
They eventually come to your start and buy.
Then when they go to school their friend sees this thing. Ask where you got these and they come to your store and your sales go boom.
They need books, pens, pencils lot more stationaries.
Else think your hobby is raising ornamental fish.
Now you are looking to start a business and now your target market is people who love fish.
So now you need a way to reach that market.
That can be a physical store in your home or online website or your own Facebook page.
Else you can use advertising to reach that market through newspapers or using modern social media ads.
6. Competitors in your industry
If it’s making money no matter what industry it is actually there is huge competition.
In the starting you never have customers but they already have.
They didn’t like to lose their customers and give them to yours.
But however, you need to pitch them.
So how to it?
Serve your customers more than your competitor.
But to do that actions that you need to get are not simple as the answer.
You need to identify how to do that and need to work hard to improve your product other than them.
And be specific.
That means your brand.
Now peoples bot buying products they buy brands.
There are a lot more smartphones out there but why Samsung, Apple are huge in the industry, and why do you love to buy them.
Because of the brand.
You love to show that you are using this brand to others.
7. Your passionate about the business
You see Ferraris and luxury vehicles, homes that business owners use.
You see their luxury lifestyle outside.
But inside is not beautiful like out that’s because bank loans that they have, depressions, competition lots more.
I know how many sleepless nights that my father have.
How he struggles with these loans and also how hard he works.
To overcome these and stay long-term in business you need to be passionate about business other than these problems.
Most say I love to do business I want to get out of a 9-5 job.
But the truth is at the beginning you need to work more than your 9-5 job to be successful.
That’s the truth.
To stay on business with these struggles you need to be passionate about the business that you do.